It's no secret that many Americans are forgoing homeownership in favor of renting. In 2020, renters in the U.S. occupied 43 million housing units.
The Stacker team looked at data from a United States Census survey that revealed an estimated 43,378,800 renter-occupied homes in the United States as of 2017, which makes up 36.1% of all households in the country. In 2019, renting was more affordable than buying a median-priced home in 59% of the counties; in 2021, the opposite was true: Owning was more affordable than renting in 63% of U.S. counties.
Stacker compiled a list of counties in Rhode Island where people spend the highest percent of income on rent using data from the U.S. Census Bureau. Of course, saving money by owning a home is unattainable for many Americans who don't have savings that could cover a down payment, those who are denied a mortgage, or both. Keep reading to see where in your home state most of people's take-home pay goes to their monthly rent.
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- Median percent of income spent on housing: 20.0%
--- Percent of households spending <20% of income on housing: 44.6%
--- Percent of households spending >30% of income on housing: 28.5%
- Total occupied households: 49,102
- Median household income: $85,531
- Median monthly housing cost: $1,423
- Median percent of income spent on housing: 20.9%
--- Percent of households spending <20% of income on housing: 41.4%
--- Percent of households spending >30% of income on housing: 31.5%
- Total occupied households: 19,217
- Median household income: $83,092
- Median monthly housing cost: $1,450
- Median percent of income spent on housing: 21.8%
--- Percent of households spending <20% of income on housing: 40.0%
--- Percent of households spending >30% of income on housing: 31.6%
- Total occupied households: 69,422
- Median household income: $73,521
- Median monthly housing cost: $1,338
- Median percent of income spent on housing: 22.4%
--- Percent of households spending <20% of income on housing: 39.9%
--- Percent of households spending >30% of income on housing: 33.2%
- Total occupied households: 34,777
- Median household income: $79,454
- Median monthly housing cost: $1,481
- Median percent of income spent on housing: 23.4%
--- Percent of households spending <20% of income on housing: 36.9%
--- Percent of households spending >30% of income on housing: 36.0%
- Total occupied households: 237,971
- Median household income: $58,974
- Median monthly housing cost: $1,148
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